CenterGate Capital Completes Sale of Mid-State Industrial Maintenance

Whats Happening:

CenterGate Capital, an Austin-based private equity firm, has completed the sale of Mid-State Industrial Maintenance to ONCAP, the lower middle market private equity platform of Onex Corporation. Mid-State, founded in 1973 and headquartered in Lakeland, Florida, is a leading provider of maintenance, repair, and overhaul services for industrial equipment and infrastructure in the Southeast and Midwest United States.

Key Moves:

• CenterGate Capital sells Mid-State Industrial Maintenance to ONCAP

• Mid-State expanded its geographic presence and entered new end-markets under CenterGate's ownership

• The company grew revenue and added new service lines during the partnership

By The Numbers:

• CenterGate Capital manages over $750 million

• Mid-State was founded in 1973

• The company serves customers across multiple industries in the United States

Key Quotes:

• "Working with Shawn Toney and the Mid-State team has been a pleasure. Over the course of our partnership, the Company grew to be a differentiated industrial services platform," - Tim Liu, Managing Director of CenterGate

• "I'm tremendously proud of the Mid-State team. In partnership with CenterGate, we've dramatically grown revenue, added new service lines, expanded our geographic presence, and entered new end-markets," - Shawn Toney, Mid-State CEO

Bottom Line:

CenterGate Capital's successful exit from Mid-State Industrial Maintenance demonstrates the firm's ability to create value in the lower middle market. The partnership resulted in significant growth for Mid-State, including expanded services, geographic reach, and entry into new markets. This transaction highlights CenterGate's strategy of partnering with management teams to drive growth and create value for all stakeholders.

Read Full Article